Last Updated: Sat Dec 17, 2011 10:12 am (KSA) 07:12 am (GMT)

From the Daily Star: Electricity woes costing Lebanon $6 bln a year

From left, Culture Minister Gaby Layoun, Energy and Water Minister Gibran Bassil and Foreign Minister Adnan Mansour attend a session at the Parliament in Beirut, Lebanon, Wednesday, Dec. 14, 2011. (Mahmoud Kheir/The Daily Star)
From left, Culture Minister Gaby Layoun, Energy and Water Minister Gibran Bassil and Foreign Minister Adnan Mansour attend a session at the Parliament in Beirut, Lebanon, Wednesday, Dec. 14, 2011. (Mahmoud Kheir/The Daily Star)

BEIRUT: Energy and Water Minister Gibran Bassil said Friday that Lebanon is incurring $6 billion in losses each year as a result of the problems plaguing the electricity sector.

Bassil, who was speaking in a conference on energy organized by the Issam Fares Center of Studies in Beirut, said this loss represents about 15 percent of the country’s GDP which now stands at $40 billion.

“Solving the electricity crisis is a central issue for Lebanon and any laxity in fixing this problem will have negative economic and social consequences,” the minister argued.

He added that $4 billion of the electricity losses covers the cost of fuel oil and gasoil which run the country’s aging power plants.

For more, please see this: http://www.dailystar.com.lb/Business/Lebanon/2011/Dec-17/157145-electricity-woes-costing-lebanon-$6-bln-a-year.ashx#axzz1ggQIpTbB

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